The ANZ World Commodity Price Index gained 0.3% m/m in May. Dairy prices lifted but prices for meat, export logs and aluminium fell. In local currency terms the index gained 0.7% m/m, supported by a 0.4% m/m easing of the NZD against the US dollar. {chart} Global shipping prices fell during May. The Baltic Dry Index dropped a massive 38% in the past month, indicating global economies are slowing. The slower-than-expected recovery in China is one of the main reasons for the slump in demand for global shipping. May is typically a busy month for shipping goods from New Zealand due to the increase in cattle processed at ... (full story)